The tech-focused investment firm ARK Invest is dumping tens of millions of dollars worth of Coinbase (COIN) shares within a few days after the stock hit a new record high.
On July 18th, COIN soared to a new all-time high of $444.65, eclipsing its previous record level of $429, which it hit on April 14th, 2021.
Within three days of the rally, ARK Invest began offloading Coinbase shares – an aggressive move that knocked COIN from the firm’s top holding to second place.
Data from Cathiesark.com shows that the firm unloaded $105,300,000 worth of COIN from July 21st to 24th. While ARK Invest was selling COIN, it was busy snapping up shares of the electric vehicle manufacturer Tesla (TSLA). The investment firm gobbled up $43.7 million worth of TSLA from July 21st to the 24th.
At time of writing, TSLA is the firm’s top holding, accumulating a $1 billion stake in the Elon Musk-led firm. Coinbase ranks 2nd, with the firm now holding $803.5 million worth of COIN shares.
ARK Invest’s aggressive accumulation of TSLA comes after its CEO, Cathie Wood, predicted that the stock would be worth thousands of dollars by 2030.
“Our prediction in five years is $2,600, and 90% of that valuation comes not from the electric vehicle, but from this robotaxi platform.
Because the electric car, if you think about it, is a one-shot sale. Sell and hope they come when they’re replacing their car.”
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